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The MAROON Vol. 63, No. 15 Loyola University, New Orleans, Louisiana 70118 February 1,1985 Loyola proposes Kenner land sale By Keith Magill Assistant News Editor Loyola is ready to sell about 400 acres of its undeveloped land in Kenner, said John L. Eckholdt, vice president for Business and Finance. Eckholdt said all of Loyola's Kenner property is for sale but an asking price has not been set. The university will entertain any offer until it is satisfied with the price, he added. "Whatever price 1 state, the potential purchaser will say it's too high. So I'll let them set the price and we'll say it's too low," Eckholdt said. Potential buyers of land the size of Loyola's Kenner property do not need an asking price because they are sophisticated in their buying procedures, Eckholdt said. The Loyola land has been called a gold mine and a developer's paradise in land-scarce Kenner. The university is not required to pay property taxes because the university is a non-profit religious entity. The Kenner land is divided into two major sections:The Loyola tract, about 315 acres, is Kenner's largest portion of undeveloped land. The property is bordered roughly by Sunset Boulevard to the north, East Loyola Drive to the east and West Loyola Drive to the west. East and West Loyola merge to form the land's southern border. Lying just east of the Loyola tract is the 63-acre WWL tract, Kenner's largest parcel of undeveloped lakefront land. The tract is bordered roughly by Lake Pontchartrain to the north, Williams Boulevard to the east, Duncan Canal to the west and Sunset Boulevard to the south. The property got its name after WWL, a Loyola-owned radio and television station, built radio antenna towers there. Loyola is selling the land to create a cash flow and generate investment income, Eckholdt said. "We feel the property has reached its maturity," he said, adding that interest rates are low enough to attract potential developers. "I receive offers almost weekly," he said. One local developer has bid on a 160-acre section of the Loyola tract, north of the St. Jude Medical Complex, which is under construction, and a Dallas developer has made an offer for the WWL tract, Eckholdt said. Other companies have submitted serious offers but, "We haven't struck all the nuances of the deal," Eckholdt said, adding that price, payment terms, rezoning and plans for street construction must be worked out before a sale could be completed. Eckholdt would not release the names or offers of potential buyers, but said he hopes to conclude the land sales by the end of this year. Loyola is also planning to sell its lots on Canal and Prieur streets and on Tulane Avenue and South Gt lois Street, Eckholdt said. The university is asking $1.1 million for the Canal Street property and $186,000 for the Tulane land. Loyola received the land in 1982 as a gift from New Orleans banker and oilman Louis J. Roussel Jr. The land was then valued at about $1.2 million. In addition, Loyola plans to sell land at 2021-2023 Calhoun St., site of Twomey Hall. Eckholdt said the land does not fit into the university's plans after the purchase of St. Mary's Dominican College. Money received from the land sales will become part of Loyola's investment portfolio or endowment fund, Eckholdt said. The university will ultimately use the money to offset the rate of future tuition increases, raise teacher salaries and service the debt incurred by the purchase of Dominican, he said. Considering the scarcity of land in Jefferson Parish, Kenner officials and real estate consultants have speculated that $85,000 would be a fair price for one acre of Loyola land. Loyola acquired the land in 1960 when J. Edgar Monroe, a New Orleans philanthropist, donated The Loyola land has been called a gold mine and a developer's paradise in land-scarce Kenner. SGA to seek parking plan compromise By Rene Sanchez News Editor The Student Government Association plans to begin its fight against the city's Residential Permit Parking Program next week when it meets with university-area Councilman Bryan Wagner. Tom Delahaye, law school representative, said at Tuesday's meeting that the SGA will be assisted by attorney Eric Oliver Person in the negotiations. Tuesday's announcement came after an SGA congressional committee decided Jan. 24 not to sue the city over its parking program, which is expected to restrict commuter student parking on the streets nearest Loyola. Presently, the plan is only in effect on State Street between St. Charles Avenue and South Robertson Street, but university officials anticipate it creeping closer to campus at some time this semester. Instead of filing suit, Delahaye said the five-member committee chose to immediately hire an attorney. The committee spent $200 of the $2200 allocated to it by the SGA last December on research into the plan's legality. Person has agreed to participate in the negotiations without receiving any fee, Delahaye said. Hall of mirrors Two women stare out of the window of their classroom Wednesday afternoon in Bobet Hall. The reflection in the room's window provides a glimpse of their view of Marquette Hall. —Photo by John MeCusktr _i. ■ • « • ■ • ■ • ■. ■- V See Land/page 5 See Negotiatiotu/page 5

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The MAROON Vol. 63, No. 15 Loyola University, New Orleans, Louisiana 70118 February 1,1985 Loyola proposes Kenner land sale By Keith Magill Assistant News Editor Loyola is ready to sell about 400 acres of its undeveloped land in Kenner, said John L. Eckholdt, vice president for Business and Finance. Eckholdt said all of Loyola's Kenner property is for sale but an asking price has not been set. The university will entertain any offer until it is satisfied with the price, he added. "Whatever price 1 state, the potential purchaser will say it's too high. So I'll let them set the price and we'll say it's too low," Eckholdt said. Potential buyers of land the size of Loyola's Kenner property do not need an asking price because they are sophisticated in their buying procedures, Eckholdt said. The Loyola land has been called a gold mine and a developer's paradise in land-scarce Kenner. The university is not required to pay property taxes because the university is a non-profit religious entity. The Kenner land is divided into two major sections:The Loyola tract, about 315 acres, is Kenner's largest portion of undeveloped land. The property is bordered roughly by Sunset Boulevard to the north, East Loyola Drive to the east and West Loyola Drive to the west. East and West Loyola merge to form the land's southern border. Lying just east of the Loyola tract is the 63-acre WWL tract, Kenner's largest parcel of undeveloped lakefront land. The tract is bordered roughly by Lake Pontchartrain to the north, Williams Boulevard to the east, Duncan Canal to the west and Sunset Boulevard to the south. The property got its name after WWL, a Loyola-owned radio and television station, built radio antenna towers there. Loyola is selling the land to create a cash flow and generate investment income, Eckholdt said. "We feel the property has reached its maturity," he said, adding that interest rates are low enough to attract potential developers. "I receive offers almost weekly," he said. One local developer has bid on a 160-acre section of the Loyola tract, north of the St. Jude Medical Complex, which is under construction, and a Dallas developer has made an offer for the WWL tract, Eckholdt said. Other companies have submitted serious offers but, "We haven't struck all the nuances of the deal," Eckholdt said, adding that price, payment terms, rezoning and plans for street construction must be worked out before a sale could be completed. Eckholdt would not release the names or offers of potential buyers, but said he hopes to conclude the land sales by the end of this year. Loyola is also planning to sell its lots on Canal and Prieur streets and on Tulane Avenue and South Gt lois Street, Eckholdt said. The university is asking $1.1 million for the Canal Street property and $186,000 for the Tulane land. Loyola received the land in 1982 as a gift from New Orleans banker and oilman Louis J. Roussel Jr. The land was then valued at about $1.2 million. In addition, Loyola plans to sell land at 2021-2023 Calhoun St., site of Twomey Hall. Eckholdt said the land does not fit into the university's plans after the purchase of St. Mary's Dominican College. Money received from the land sales will become part of Loyola's investment portfolio or endowment fund, Eckholdt said. The university will ultimately use the money to offset the rate of future tuition increases, raise teacher salaries and service the debt incurred by the purchase of Dominican, he said. Considering the scarcity of land in Jefferson Parish, Kenner officials and real estate consultants have speculated that $85,000 would be a fair price for one acre of Loyola land. Loyola acquired the land in 1960 when J. Edgar Monroe, a New Orleans philanthropist, donated The Loyola land has been called a gold mine and a developer's paradise in land-scarce Kenner. SGA to seek parking plan compromise By Rene Sanchez News Editor The Student Government Association plans to begin its fight against the city's Residential Permit Parking Program next week when it meets with university-area Councilman Bryan Wagner. Tom Delahaye, law school representative, said at Tuesday's meeting that the SGA will be assisted by attorney Eric Oliver Person in the negotiations. Tuesday's announcement came after an SGA congressional committee decided Jan. 24 not to sue the city over its parking program, which is expected to restrict commuter student parking on the streets nearest Loyola. Presently, the plan is only in effect on State Street between St. Charles Avenue and South Robertson Street, but university officials anticipate it creeping closer to campus at some time this semester. Instead of filing suit, Delahaye said the five-member committee chose to immediately hire an attorney. The committee spent $200 of the $2200 allocated to it by the SGA last December on research into the plan's legality. Person has agreed to participate in the negotiations without receiving any fee, Delahaye said. Hall of mirrors Two women stare out of the window of their classroom Wednesday afternoon in Bobet Hall. The reflection in the room's window provides a glimpse of their view of Marquette Hall. —Photo by John MeCusktr _i. ■ • « • ■ • ■ • ■. ■- V See Land/page 5 See Negotiatiotu/page 5